APH vs SPY: Correlation
How closely do Amphenol (APH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APH and SPY?
Across a 3-year window, the weekly returns of APH and SPY correlate at 0.68, strong. Lately the two have drifted apart, with the 1-year correlation at 0.48 versus 0.68 over 3 years. Stretching to 5 years gives 0.70, with an annualized covariance of 328.8 %².
Within APH's tracked universe of 38 assets, SPY comes in at #9 by 3-year correlation. The last year tells two different stories: APH led by 26.9 percentage points, +47.5% for APH against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.44 to 0.82. Risk is not evenly split, since APH carries 2.3 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
APH vs SPY: side by side
| APH (Amphenol) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.5% | +20.6% |
| 5-year return | +338.9% | +82.4% |
| Volatility (ann.) | 33.6% | 14.5% |
| Beta vs S&P 500 | 1.57 | 1.00 |
| Max drawdown (3Y) | -28.2% | -18.8% |
| Market cap | $199.0B | – |
| P/E (trailing) | 40.3 | – |
| Dividend yield | 0.57% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | APH | SPY |
|---|---|---|
| 2022 | -12.0% | -18.2% |
| 2023 | +31.5% | +26.2% |
| 2024 | +41.3% | +24.9% |
| 2025 | +96.1% | +17.7% |
| 2026 | +19.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
APH represents 0.3% of SPY's portfolio, so part of any move in SPY is APH itself, and the correlation between them is partly mechanical.
Are APH and SPY good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APH and SPY?
The APH/SPY correlation stands at 0.68 on a 3-year window (1 year: 0.48, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for APH?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: APH correlations · SPY correlations
